This is 40% of the company’s total, located in Canelones, Maldonado and Lavalleja, as reported to the National Securities Market Commission.
The company Iberpapel sold its forestry assets in Uruguay to Winterbotham Trustee, in an operation for 53.7 million dollars, as reported by the company in a statement to the National Stock Market Commission (CNMV).
The company of Spanish origin thus disposes of 40% of its total forestry assets, located in Cannelloni, Maldonado and Lavalleja, which constitute 11,280 hectares. While, winterbotham formalizes the purchase in its capacity as trustee of the financial trust Southern Eucalyptus.
Iberpapel confirmed to the CNMV compliance with all of the suspensive conditions to which it was subject and announced that it will make investments of 22.5 million euros throughout the year in the facilities of Zicuñaga Trash Can in Hernani, Spain, for the implementation of several initiatives that will improve the efficiency of its production and environmental processes.
Following the sale announcement and a series of measures that the company will adopt in its strategy for the coming months, the firm’s shares rose 4.72% in the Bag, reaching 16.65 euros per share.
The contract had been signed almost 5 months ago
He earnest money contract between both companies was signed at the beginning of May and at that time it had been established that the deed of sale had to be granted within a period of 90 business days from the date of signing the contract, provided that the registration information procedures were complied with. and documentation to carry out the operation, as detailed by the company, with a division dedicated to the Forest industry.
On that occasion, they indicated that, otherwise, the 90-day period will be extended until the registration information and the corresponding documentation are obtained. If there is default by either party, the penalty fee It was set at just over $5.27 million.
The effective acquisition of the forest assets object of the deposit contract will be subject to compliance with the conditions precedent for the offer of sale to the Uruguayan National Colonization Institutewhich has a preferential acquisition right over the forest assets, and the mandatory authorization of the Executive.
Source: Ambito
